Latest News
-
Banks Close As India Votes: Lok Sabha Elections Phase 1 -
Trade Call: 2 Technical Intraday Stock Picks By Sumeet Bagadia On Friday, April 19 -
Swing Trading Guide: 2 Buy/Sell Stock Picks By VLA Ambala On Friday, 19th April -
Stock Market Live Updates: GIFT Nifty Cues Gap-Down Starts; US, Asian Markets Down, Oil Prices Rise $3/bbl -
1:3 Bonus Share, Rs 13.25/Share Dividend: Buy Maharatna PSU, TP Rs 355, Fundraise Approved -
Results, Dividend, Fundraise On April24: Buy Top Bank Stock Amid Rich Valuation, TP Rs 1400: Nomura -
1:4 Bonus Shares, Rs 7 Dividend: Big Update Announced; Buy The FMCG Stock? -
1:10 Stock Split: 1 Rs 980 Smallcap Has Split Into Ten Shares; Check Out New Price Level, Fundamentals! -
Rs 2.50/Share Final Dividend: Record Date In Due Course; Buy The ITC Group Stock? -
Rs 95/Share Dividend: Record Date On 28th June; Buy Mahindra Group Stock To Be Eligible?
Know the Procedure to Open an Online NPS Account by Non-Resident Indian (NRI)
Apart from an Indian Resident even a Non – Resident Indian or NRI can also open the NPS account with the required set of documents.
The NPS or the National Pension Scheme account can be opened and operated by any of the resident India who is aged above 18 years to accumulate their saved earnings for future use. Apart from an Indian Resident even a Non - Resident Indian or NRI can also open the NPS account with the required set of documents.
All that an NRI needs is to have a Bank Account and PAN Card to open the NPS account.
By opening the NPS account, the non-resident Indians can get a tax exemption of up to Rs 1,50,000 per annum under Section 80C and up to Rs 50,000 per annum under Section 80CCD(IB) of the Income Tax Act of 1961.
Who is a Non-Resident Indian (NRI)?
A Non-Resident Indian or NRI refers to the person or an individual of Indian origin during a financial year.
The person should have stayed in India for a minimum period of at least 182 days in a financial year
or
The individual should stay in India for 365 days spread out over four consecutive years and for at least 60 days in a year.
An NRI has to fulfil some of the pre-requisites before opening the NPS Account.
Pre – Requisites for Opening an NPS Account
- The applicant should be aged at least 18 years and above.
- The applicant maximum age limit should be below or equal to 60 years.
- Applicant should have a bank account for verification of know your customer (KYC).
- He/ She should have a PAN Card.
Where and How to Open NPS Account?
- The interested NRI has to visit the PFRDA NPS trust web portal and select eNPS option.
- Proceeding further, they should click on the Registration and choose the New Registration option to start the process of opening an NPS account through online mode.
- The interested NRI who is willing to open an NPS account has to choose the type of account from the two available options - Repatriable (NRE) or Non - Repatriable (NRO).
- Proceed further and enter all the relevant details like PAN Card number, Passport number.
- Now choose the bank wherein you prefer to open an NPS account.
- Once all the relevant details entered, the NPS registration form will get displayed on the screen.
- Proceed further and enter the necessary bank details, personal details including contact number and so on.
Investment Details
- The applicant should select the mode of investment and the pension fund manager. NRI's can choose the investment mode as either active or auto mode.
- In case of active mode, the applicant should enter the percentage allocation in several asset classes whereas, in auto mode, the allocation part will be done automatically.
- After this procedure is completed, the applicant can register nominees. In this case, the NPS applicant has provision to register up to three nominees.
- A non-resident Indian has to make a minimum contribution of up to Rs 500 through the selected back towards the NPS account post which, a Permanent Retirement Account Number or PRAN will get generated.
Scanning Photo and Signature
The applicant should upload a scanned recently taken passport size photograph along with the signature in jpg format of size 4 - 12 kb.
Submission of Form
Post completion of the registration procedure, the NRI applicant should take a print out of the form, affix a photograph, duly sign in it and dispatch the same to the Central Record Keeping agency of national pension system (NPS) within 90 days. If the applicant fails to do so within the prescribed time limit, then the NPS account will be frozen.
GoodReturns.in
